can anyone help????

smithy44

A question I am the treasurer for my daughters after school club and we have just received our accounts for last year. There is a line on the accounts stating Creditors: amount falling within one year, can anyone give me a definition of what this covers.

rach40

Creditors are the people you owe money too and amounts falling within one year are those amounts which are less than a year old.

I think that is correct .
hope that helps.

sdv

You have short term creditors (less then 12 months) and long term creditors

current liabilities (short term)

trading creditors
VAT
PAYE
Accruals

Long Term (Non-current) Liabilities (due over 12 months)
Bank Loan
Director's loan
Mother-in-law's loan


Hope this helps

reader

I thought the director's loan account was a short term liability, i.e. a loan due within 1 year. Am I wrong?

smithy44

Thanks guys, just wanted to make sure i wasn't thinking the wrong thing as i didn't agree with the creditors figure on the clubs year end accounts as it didn't tie up with what i had so i checked with the accoutant and he has changed it now were a making a profit not a loss, just shows nobody is perfect, but makes me wonder if we have the right accountant!!!